Vaults
Type: Factsheet | Squad: Usual | Status: Draft | Stream: BD Last updated: 2026-02-16
Executive Summary
Usual Vaults are curated, managed yield strategies that allow bUSD0 holders to gain exposure to external DeFi yield opportunities while retaining bUSD0's underlying USUAL coupon rewards. Built on Lagoon Finance infrastructure, each Vault is managed by a curator responsible for strategy selection, epoch-based settlement, and fair valuation via oracle pricing. Vaults generate two revenue streams: bUSD0's native USUAL daily coupons plus external strategy returns. The DAO captures a baseline return (management fee up to a reference rate) and charges a performance fee on excess yield. Vaults extend bUSD0 composability into a managed, institutional-grade experience.
Key Facts
Product type
Managed DeFi yield vaults
Deposit asset
bUSD0 (converted 1:1 to USD0 on deposit)
Infrastructure
Lagoon Finance managed vault framework
Settlement
Epoch-based (curator-managed)
Valuation
Oracle-priced fair valuation per epoch
Entry/exit fee
None (standard deposit/withdrawal)
Performance fee
20% on returns above the reference rate
Management fee
DAO retains yield up to the reference rate (e.g., 4% APR)
USUAL coupon retention
Yes -- bUSD0 USUAL daily coupons continue accruing
Maturity redemption
1:1 via bUSD0 redemption at exit (June 2028 maturity)
Architecture
Deposit Flow (Epoch-Based)
Epoch initialization: The first epoch begins at contract initialization.
Deposit request: Users submit a deposit request (e.g., 300 bUSD0) and transfer assets into a secure silo. bUSD0 is converted 1:1 into USD0 for deployment.
Settlement: The curator calls
settleDeposit, which secures the deposited tokens and mints Vault shares at a fair valuation based on current oracle pricing.Optional cancellation (pre-settlement): Before settlement, users can cancel the deposit request and recover their tokens from the silo.
Withdrawal Flow (Epoch-Based)
Withdrawal request: Users submit a redemption request and place their Vault shares into a silo.
Epoch transition: The curator updates total assets, closing the current epoch and opening the next.
Redemption settlement: The curator executes
settleRedeem, which burns Vault shares and transfers the equivalent bUSD0 plus accrued interest back into the Vault for user claiming.Claiming funds: Users call
redeemto transfer the redeemed assets to their wallet.
Fee Structure
Management fee
DAO retains yield up to the reference rate
Reference rate (e.g., 4% APR)
Performance fee
Charged on returns above the reference rate
20%
Entry fee
None
0%
Exit fee
None
0%
The fee structure ensures the DAO captures a baseline return on Vault capital (supporting the insurance fund and treasury operations), while users benefit from outperformance above the reference rate.
Available Vaults
ustUSR++ Vault
Strategy
stUSR (Resolv's staked USR token)
Yield source
Delta-neutral cash-and-carry strategies
Settlement
T+1 for RWA-related components
Performance fee
20% on yields above the reference rate
Curator
Lagoon Finance curator
Additional vaults (Superstate, Syrup, Sky) are under development and will be documented upon launch.
Dual-Yield Structure
Vault participants receive two concurrent yield streams:
bUSD0 USUAL daily coupons
bTOKEN bucket allocation (130,000 USUAL/day shared across all bUSD0 + ETH0)
Continues accruing while deposited in Vault
External strategy returns
Vault-specific DeFi strategy (e.g., stUSR delta-neutral carry)
Subject to 20% performance fee on excess above reference rate
Holding bUSD0 vs. Depositing into a Vault
USUAL daily coupons
Yes
Yes
External strategy yield
No
Yes
Smart contract risk
bUSD0 contract only
bUSD0 + Lagoon + strategy contracts
Liquidity
Immediate (secondary market)
Epoch-based withdrawal
DeFi composability
Full (Pendle, Morpho, Curve, etc.)
Limited to the Vault position
1:1 maturity redemption (June 2028)
Guaranteed
Via bUSD0 redemption at exit
Smart Contract Addresses
Vault contracts are deployed via Lagoon Finance infrastructure. Specific contract addresses are published on the Usual Protocol documentation at deployment time. No centralized registry of Vault addresses is maintained in this factsheet due to the modular, curator-managed deployment model.
Key Risks
Smart contract risk
Exposure to Lagoon vault infrastructure and underlying strategy protocol contracts introduces additional attack surface
Usual Protocol has undergone 20+ audits by leading firms; Lagoon Finance contracts are independently audited
Strategy risk
External strategies (e.g., stUSR) face market risks such as negative perpetual funding rates or adverse basis movements
Curator selects proven, audited strategies; diversification across strategy types
Counterparty risk
Exposure to external trading platforms and custodians (e.g., exchange insolvency)
Use of institutional-grade counterparties; multi-layered counterparty risk framework informs strategy selection
Liquidity risk
Epoch-based settlement can delay withdrawals relative to direct bUSD0 holdings
Deposits can be canceled before settlement; epoch durations are kept short
Curator risk
Vault performance depends on curator strategy selection and execution quality
Curators are vetted; DAO governance can adjust parameters and curator appointments
Opportunity cost
bUSD0 deposited in Vaults cannot be simultaneously used in other DeFi protocols (Pendle, Morpho, Curve)
Users should assess composability trade-off against expected Vault yield
Quick Links
Documentation: https://docs.usual.money
Lagoon Finance: https://lagoon.finance
Technical documentation: https://tech.usual.money
Security contact: [email protected]
Disclaimer
This factsheet is provided for informational purposes only and does not constitute financial, legal, or investment advice. All data is sourced from publicly available protocol documentation and governance records as of the date indicated above. Vault strategies, fees, reference rates, and available Vaults are subject to change through DAO governance and curator decisions. Past performance and historical data do not guarantee future results. Vault strategies introduce risk exposures beyond the conservative collateral profile of USD0's underlying T-Bill backing, which maintains zero tolerance for credit and FX risk and limits duration to under 0.33 years. Prospective participants should conduct independent due diligence and seek professional counsel before engaging with the protocol or depositing into Vaults.
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